- Cardano price saw a spike in profit-taking after reaching an all-time high of $2.47.
- ADA seems to have found strong support between above $2.00.
- The so-called "Ethereum killer" faces strong resistance at $2.20.
Cardano price has encountered significant selling pressure after conquering an all-time high of $2.47. Despite the 12% nosedive seen recently, a crucial support level might keep falling prices at bay.
Cardano price to bounce off $2
ADA price is retesting $2.00 as a critical point this time as support. Cardano is forming support between the 61.8% and the 78.6% Fibonacci retracement levels, making the price oscillated between $2.05 and $2.15. This constitutes an accumulation zone that has its resistance established around the 100-hour moving average at $2.13.
The next level of resistance can be found at $2.20, coinciding with the 50% Fibonacci retracement level. Once this resistance barrier is cleared, Cardano price could retest the recent all-time high at $2.47 or seek a new high between $2.60 to $2.70.
ADA/USDt 1-hour chart
If the downward pressure increases and Cardano price breaks below $1.92, the following support level sits at $1.82. This is a critical area of interest because it represents the last ADA peak from mid-May.
